TaxTMI 
TaxTMI 
TaxTMI 
2020 (4) TMI 865
X X X X Extracts X X X X
X X X X Extracts X X X X
....39;respondent' or 'corporate debtor'). Annexure A is the copy of Board Resolution dated 22-12-2017, wherein Mr. Gaurav Dutt, Executive of the petitioner-operational creditor has been authorized to file the petition against Malwa Cotton Spinning Mills Limited. There is also an affidavit in support of the contents of the application. The CIN of the petitioner-operational creditor is U63010MH1989PLC052533 and its registered address is in Goregaon (East) Mumbai. 3. The respondent-corporate debtor is a company incorporated under the Companies Act, 1956 with authorized share capital of Rs. 45,00,00,000/- and paid up capital of Rs. 35,14,90,000/-. The CIN of the respondent-corporate debtor is L17115PB1976PLC003702 and its registered office is situated in District Ludhiana, Punjab and therefore, the matter falls within the territorial jurisdiction of this Tribunal. 4. The facts of the case, briefly stated, are that the petitioner-operational creditor provided various services, namely, transportation, detention and warehousing, to the respondent-corporate debtor. The invoices under which the petitioner-operational creditor provided services to respondent-corporate debtor are f....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e petitioner-operational creditor is responsible for causing mass scale damage to the goods during transportation and has caused loss of goods during the process of warehousing. The respondent-corporate debtor further alleged that the losses so suffered were settled by issuing debit notes dated 30-04-2017 to the tune of Rs. 17 lacs approximately, which were handed over to the petitioner-operational creditor on its visit to the premises. 8. Vide Diary No.3981 dated 08-08-2019, the petitioner-operational creditor filed its rejoinder denying each and every allegation, submissions and averments made in the reply field by the respondent-corporate debtor. The petitioner-operational creditor stated in its rejoinder that no such debit notes of any nature were ever received by the petitioner-operational creditor and that the averments made are false and misleading, created by respondent-corporate debtor just to save its skin from liabilities. 9. We have heard the learned counsel for the petitioner and the learned counsel for the respondent and have carefully perused the records. 10. We find that in Mobilox Innovations (P.) Ltd. v. Kirusa Software (P.) Ltd. [2017] 85 taxmann.com 292/144 S....
X X X X Extracts X X X X
X X X X Extracts X X X X
....housing services by the Operational Creditor and the Corporate Debtor have issued debit notes to the tune of Rs. 17 lacs dated 30-04-2017 in order to settle the losses so suffered by the Corporate Debtor. These debit notes have been found attached with the Dairy No. 3497. The Corporate Debtor has also contended that the invoices as mentioned in Part IV of the petition are ingenuine and termed the claim of the operational Creditor as time-barred. 13. The Operational Creditor in its Rejoinder has denied receiving any such Debit Notes raised by the Corporate Debtor and challenged the veracity of them as well. 14. It can be seen that the Operational Creditor has served demand notice in Form 4 dated 04-01-2018 upon the Corporate Debtor successfully. The speed post receipt along with the tracking report showing the delivery of the demand notice is found attached as Annexure-D of the petition. It is observed that the Corporate Debtor has chosen not to reply to the above stated demand notice. It could also be seen that if any dispute as to the outstanding due was there, the same could have been stated in the reply to the demand notice by the Corporate Debtor. Therefore, the pleading of t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....elivered to the corporate debtor and reply was received within the stipulated 10 days period. In view of the satisfaction of the conditions provided for in section 9(5)(i) of the Code, we admit the petition for initiation of the CIRP process in the case of the Corporate Debtor Malwa Cotton Spinning Mills Limited and direct moratorium and appointment of Interim Resolution Professional as below. 19. We declare the Moratorium in terms of sub-section (1) of section 14 of the Code as under:- (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor whe....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 25. The Law Research Associate of this Tribunal has checked the credentials of Mr. Ashok Kumar Singla and there is nothing adverse against him. In view of the above, we appoint Mr. Ashok Kumar Singla having Registration No. IBBI/IPA-002/IP-N00229/2017-18/10680, e-mail id: [email protected] as the Interim Resolution Professional, with the following directions:- (i) The term of appointment of Mr. Ashok Kumar Singla Jindal shall be in accordance with the provisions of Section 16(5) of the Code; (ii) In terms of section 17 of the Code, from the date of this appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under section 18 and other relevant provisions of the Code, including taking control and custody of the assets over which the Corporate Debtor has ownership rights record....